Reference no: EM132709680

Question - Prepare journal entries for the following transactions. The company uses a periodic inventory system.

Sept. 1 Purchased goods for $4,300 plus a freight charge of $240 from the Mason Company, Invoice 846, dated August 29, net payable in 45 days.

Sept. 5 Purchased goods for $515 from Digital Solutions, Invoice 772, dated September 3, net payable in 60 days.

Sept. 11 Purchased goods for $965 from Raven Inc., Invoice 8104, dated September 9; terms are 1/10, n/30.

Sept. 15 Returned defective goods to Mason Company and received Credit Memorandum 312 for $620. The goods were originally purchased on Invoice 846 of August 29.

Sept. 20 Purchased goods for $3,775 plus freight of $130 from the Braemer Company, Invoice 3276, dated September 18; terms are 2/10, n/30.

Sept. 24 Received Credit Memorandum 602 for $100 from Raven Inc. The amount is an allowance for slightly damaged but usable goods purchased on Invoice 8104 of September 9.